Public Employees Retirement System of Ohio Grows Stake in GitLab Inc. (NASDAQ:GTLB)

Public Employees Retirement System of Ohio grew its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 63.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 70,485 shares of the company's stock after buying an additional 27,455 shares during the period. Public Employees Retirement System of Ohio's holdings in GitLab were worth $3,972,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after acquiring an additional 513 shares during the period. CoreCap Advisors LLC lifted its stake in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the period. IMG Wealth Management Inc. bought a new position in shares of GitLab in the 4th quarter worth $46,000. Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after purchasing an additional 1,153 shares during the period. Finally, True Wealth Design LLC increased its holdings in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Up 2.5%

GTLB traded up $1.12 on Tuesday, reaching $46.67. The stock had a trading volume of 4,168,278 shares, compared to its average volume of 2,580,278. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of -145.84 and a beta of 0.79. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a 50-day moving average of $46.21 and a 200-day moving average of $56.32.

Insider Activity

In other news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 over the last quarter. 16.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on GTLB shares. Barclays reduced their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. DA Davidson lowered their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Mizuho reduced their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average price target of $71.73.

GitLab Company Profile

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.